I want to create a common 3rd party library, that can be shared and used by different applications and be consistent. Can we acheive this ?.If yes, how and where will this libra
Yes you can do this. You create and compile the libary. You can either install it by itself ahead of the applications that depend on it, or with the applications. The desktop manager can use ALX files generated by the JDE to do this for you, or you can use JAD files for OTA installation. A libarary is just a code module like any other that does not have a desktop icon, so it installs in the same place as the rest of the modules.
What is your goal with a BlackBerry library? rapc can compile jar libraries into your application, which would be the easist way to do this.